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The City of Oxbow General Fund has the following net resources at year-end: $253,000 unexpended proceeds...
The City of Oxbow General Fund has the following net resources at year-end: $253,000 unexpended proceeds of a state grant required by law to be used for health education. $13,000 of prepaid insurance. $603,000 rainy day fund approved by city council for use under specified circumstances. $202,000 budget stabilization fund to be used in the event of revenue shortfall. $279,000 provided for contractual obligations for capital projects. $29,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. $1,625,000 total fund balance. Required: Prepare the fund balance section of the Balance Sheet.
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For the City of Oxbow - General Funds
| Particulars | General Fund (In $) |
| Fund Balances : | |
|
Non-spendable : |
|
| Principal Fund | - |
| Long Term Loans | - |
| Prepaid Insurance | 13,000 |
| Restricted For : | |
| State Grant for Health Education | 253,000 |
| Tax collected for Emergency 911 services | 29,000 |
| Rain Day Fund | 603,000 |
| Budget Stabilization Fund | 202,000 |
| Committed To : | |
| Contractual Obligations of Capital Projects | 279,000 |
| Assigned To : | |
| Unassigned : | 246,000 |
| Total Fund Balance | 1,625,000 |
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